In fact, one of the latest franchise development trends having a significant impact on conversion rates is real-time communication between franchisors and potential franchisees.

And when you think about it, it makes sense why:

The franchise sales process has changed significantly over the last couple decades. With the dawn of the “Information Age” in the early 2000’s, the ways prospective franchisees learn about potential opportunities took a dramatic turn.

But here’s the hard truth —

Franchisors have struggled to keep up with the latest franchise development trends.

Despite the fact that potential customers go through 67 percent of the buyer’s journey online before contacting a salesperson, franchisors still invest significant portions of their marketing budgets into antiquated channels like trade shows and franchise portals.

The leads-to-sales conversion rate is at its lowest point in 6 years.

In fact, you look at the applications-to-sales rate, this past year had the highest-quality candidates since 2014.

So clearly, the problem lies with us: the franchisors.

And solving the problem means adapting to the latest franchise development trends and updating our marketing strategies to reflect the way our customers — i.e. potential franchisees — make buying decisions.

Real-time communication is a key piece of that solution. Here’s why:

3 Reasons Franchisors Need Real-Time Communication Now

#1. It Connects You With Prospects Faster

We all know that the early bird gets the worm.

But in franchise sales, quick responses to prospect inquiries can make or break your business.

“Just a few short years ago, the time it took sales teams to respond to emails was longer (think days, not hours). But we’ve become a society of instant gratification, and now customers can’t wait that long to get an answer from a salesperson. If they take too long, that customer will find another company with a faster response time.”

If leads don’t hear back from you quickly, they will go somewhere else with their business.

A study from InsideSales.com found that the odds of making contact with a lead drop by 10X within just five minutes of their initial inquiry.

And that means you can use any information they ask for or provide to the chatbot for lead scoring and future marketing purposes.

“A key part of any marketing campaign or sales process is to understand your buyers’ needs and then provide the right solution to them. Not only does live chat software give you the opportunity to close a sale right there and then, but it also gives you access to their mindset by gathering what is known as ‘Voice of Customer Data.’”

The “Voice of Customer Data” tells you:

What content to share with prospects to move them further down the sales funnel

What offers and messages work best at converting leads

The common questions and concerns leads have at various stages of the sales cycle

All of which you can use for future marketing efforts.

And here’s the beautiful part:

You can automate a ton of that work, too.

#3. It Streamlines Internal Processes and Automates Common Tasks

Real-time communication not only makes franchisors more money through higher conversion rates.

It also saves you money by streamlining customer communication and automating many of the repetitive tasks currently assigned to your salespeople.

(Starting to understand why this is my favorite franchise development trend yet?)

Rather than handling inquiries from a variety of channels — email, phone, social media, etc. — live chat streamlines communication with prospects through a single avenue.

And that leads to more efficient sales reps, as well as a lower cost-per-lead for franchisors.

On top of that, chatbots take common inquiries (think: FAQs, for example) and uses artificial intelligence to do all the legwork.

That means your salespeople can put more attention on closing deals and less on fielding basic customer questions.

All in all, here’s what real-time communication means for franchisors…

Blue Rock Search

Blue Rock Search is a member of the Sanford Rose Associates network of offices.

Sanford Rose Associates®”, the three-diamond “SRA” logo, “Dimensional Search®” and “Finding People Who Make a Difference®”, are all registered service marks of Sanford Rose Associates International, Inc., a Texas corporation.